ACCOUNTING TEST 04

materiality principle

accountants must use gaaps except when doing so would be prohibitively expensive, difficult and would make little significant difference in the final reported results of the business

consistency principle

accountants should apply the same methods and procedures from period to period and when changes are made they must be explained clearly on the financial statements; allows for comparability from period to period

full disclosure principle

any and all information that affects the full understanding of a company's financial statements must be included with the financial statements